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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
 2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% sulphur cap on shipping emissions by 2020. This ruling applies to ships worldwide, and ships will have to ensure that the use of fuel oil on board meets the new sulphur content requirement. The current limit is set at 3.5% and shipowners will have more than 3 years to reduce the marine Sulphur usage by 7 times below current limits.
The Sulphur cap aims to provide a significant benefit to the environment and human health, particularly near port cities and coastal communities. Newer ships with advanced fuel options are being built, however older ships will have to choose between paying more for fuel and installing equipment to reduce emissions. Main engines, auxiliary engines and boilers are all considered areas of fuel usage on board ships.
Today, there are different blends of low sulphur fuel in different geographical locations and compatibility of these is still questioned. However, taking into account today’s bunker prices, using the low sulphur fuel poses a $200/tonne extra cost. The use of exhaust gas cleaning systems known as “Scrubbers” is the only solution for vessels to comply with gas emissions and allow them to continue using their normal fuel. Estimated cost of installing scrubbers on existing ships ranges from $ 1.3 million and can reach levels exceeding $ 3.0 million on larger and more demanding ships needing extensive funnel and steel modifications. Even so, scrubbers are not totally eco-friendly. Current systems involve either wet exhaust Vs dry exhaust or open loop vs closed loop technologies. In cases of closed loop and wet exhaust systems the collection of the particulates and the proper ecological disposal of same has to be addressed. This is another product that will have a disposal cost which, significant or not, still poses an additional running cost.
The biggest concern that may also be a game changer in our industry is that today and most likely by 2020 there is the possibility for existing refinery capacity proving inadequate to meet demand for clean fuel. Capacity is one question and geographical location is another. New refineries will need to be created with more capacity, also in more strategic locations and we see a major logistical undertaking for all links in the bunker supply chain. This need may impose new trade routes for product tankers and increased demand for these will benefit freight rates. Many countries say that 2020 is too soon and propose 2025 as a safer implementation date. However the decision of switching to more expensive fuel vs installing scrubbers is the result of the following formula; Daily Consumption X Extra $200/tonne X Years of projected operation of the vessel. If the ship has few years left until the end of its life, and if its second-hand price over its scrap price is marginally close to the cost of installing scrubbers then there is a greater possibility that she will be scrapped. This applies to all ship types and may lead to a mass exodus… towards the beaches. Supply of tonnage will be reduced giving freight rates a serious boost.
So in 2020, the 0.5% sulphur regulation together with the implementation of the Water Ballast Treatment convention will present two major costs that will dictate who goes to the beach and who is destined for more voyages ahead…!!!
“20/20 Vision” will be needed in our ship investments going forward with the pre-mentioned issues being the determining factor for the age of the asset one invests in today.
By John N. Cotzias
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
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